Monday, November 12, 2018

First Time, now Fortune sold off

Meredith Corporation has sold Fortune magazine for $150 million in cash in a deal that will close by year end. The sale comes just a week after that of Time magazine for $190 million in cash. These two major titles were part of the acquisition of Time Inc. by Meredith earlier this year and the sell-off two other important titles, Sports Illustrated and Money, are expected imminently. Meredith has said that it was in particular unloading four titles titles didn’t align with Meredith’s core audience of American women.Chatchaval Jiaravanon, Thai business tycooon and owner of Fortune Media Group Holdings Limited of Bangkok bought Fortune as a personal private investment; according to a story in Media Post, he intends to grow the brand's digital capabilities, geographic expansion and editorial team.

“Our vision is to establish Fortune as the world’s leading business media brand, with an always-on reach and global relevance:” Jiarovenon stated. He believes “the demand for high-quality business information is growing,” which will lead to profitable growth for both the publication and its events branch.